By Michael Rozbruch | November 9, 2011
Tax Resolution Services is dedicated to educating our clients and readers on the latest news and tips surrounding your IRS tax problems. We are committed to quality service and as such all of our tax resolution specialists are Certified Tax Resolution Specialists. Certified Tax Resolution Specialists are certified by the American Society of Tax Problem Solvers (ASTPS), a national, not-for-profit organization of professionals who specialize in representing taxpayers before the IRS.
Certified Tax Resolution Specialist are licensed professionals (tax attorneys, CPAs and enrolled agents) who must take and pass an exam administered by the ASTPS, prove directly related experience in the tax relief niche (two years), and be in good standing with their respective state that licenses/regulates them.
In addition, a Certified Tax Resolution Specialist is uniquely qualified to successfully solve IRS problems – from negotiating tax settlements and IRS payment plans to removing or modifying IRS and bank levies. So whether you are looking for a tax attorney or a firm comprised of attorneys, CPAs, and enrolled agents you can research the ASTPS site and click on Find a Tax Problem Solver (under Contact) to determine if they are Certified Tax Resolution Specialists.
Here are some more resources to help find the right tax professional:
How to Hire a Tax Resolution Company You Can Trust
Tax Problem Resolution Services Coalition Advocates for Industry Best Practices
By Michael Rozbruch | November 4, 2011
What we do as Certified Tax Resolution Specialists and Tax Attorneys is more than help relieve IRS tax problems. The process is also about giving hope back to people who are dealing with tax problems like back taxes or liens on their bank accounts. We are always so touched to hear how we made a difference in the lives of our clients who once had to deal with so much stress from tax issues.
Our client Bill is a perfect example of how we were able to lift the tax burden from his shoulders so he could get back to living his life without the constant worry of back taxes and penalties. You can listen to Bill’s personal account of how we at Tax Resolution Services were able to restore Bill’s hope:
If you or someone you know has lost hope from IRS tax problems please contact Tax Resolution Services for tax relief today.
By Michael Rozbruch | October 27, 2011
As always I advise my readers to stay ahead of the curve when it comes to tax news and changes to help you stay out of tax problems in the future. So, as a heads up to everyone out there, I am reiterating a post from my Tax Resolution University blog on the new budget cuts that the IRS is facing:
Budget cuts are a common topic these days regarding anything surrounding the United States government, so it goes as no surprise to hear that the IRS is next on the list of drastic budget reductions. On the Wall Street Journal’s blog The Tax Blog, Jonnelle Marte keeps us informed on the latest news in her post IRS Cuts: Good News for Deadbeats?
According to the article, Congress plans to reduce the IRS budget by $500 million in 2012. This drastic cut back in governmental funding will likely prove to be a huge problem for the IRS, which impacts taxpayers across the nation.
Marte summarizes a quote from commissioner Douglas Shulman in which he says the budget cuts “would lead to a 5% to 8% decrease in collection efforts, including audits, which would reduce revenue by about $4 billion.”
And while slacker taxpayers may find a secret joy in the budget cuts, the rest of us can expect sluggish customer service, account resolution slow down and issues organizing payment plans etc.
As we always advise our readers, staying up to date on tax news and laws is a great way to stay ahead of tax problems in the future, especially during a time in which taxpayers can be expecting great delays in the IRS processing.
By Michael Rozbruch | October 25, 2011
Last week I featured a great article from Laura Saunders of the Wall Street Journal on my other blog, Tax Resolution University, highlighting some great tips to gain some serious tax relief for those on the job hunt. Tax relief can come in many forms for taxpayers and deductions are a great way to take some tax burden off of your shoulders. In her article titled Write Off Your Job Hunt! Saunders gives some great tips for getting the most out your job hunt deduction wise. We summarized a few great tips for you below:
- The miscellaneous deduction: A write off go-to for job seekers that includes travel, entertainment, business cards and other costs related to job the job search. The drawback is the limit of the deductions; they can also exceed up to 2% of the taxpayers adjusted gross income.
- Sole-proprietorship: Another means for deductions for job seekers is to set up a Schedule C sole-proprietorship and begin to look for side work as a consultant or independent contractor. Now deductions are no longer limited as long as they are aligned with the income reported on your Schedule C. However, it must be noted that the IRS is happy as long as you are making a profit and you must show a profit in at least three years out of five.
- Medical expenses: Medical expenses are deductible to those who itemize (Hello, sole-proprietors) but only up to 7.5% of the taxpayers adjust gross income
- Home office: The home office is a great deduction, but the rules are stiff: the home office must be used regularly and exclusively for business!
- School: American Opportunity Tax Credit is provided to those working on their first time degree. So if you are going back to school this credit can be a big help and is granted regardless of income of the taxpayer.
To see other great tax relief tips for job seekers check out Saunders’ full article Write Off Your Job Hunt!
Staying educated on tax news and tips is a great way to stay ahead of tax problems before they begin. For more information on tax help visit our website at www.taxresolution.com.
By Michael Rozbruch | October 12, 2011
When people receive a collection notice from the government about IRS back taxes, they often become blinded by fear, don’t know where to turn, and do nothing– hoping the tax problem will go away. As a result of their inaction, these financially stressed individuals could find themselves staring down an IRS tax lien.
In the post called How to Prevent Tax Liens I cover:
- What is a tax lien?
- How does a tax lien affect a business or individual?
- How can tax liens be resolved?
The good news is that there are experts who can help but you must act quickly. Securing the right tax attorney or Tax Resolution Specialist with knowledge and expertise with tax liens can help put this situation securely behind you.
When searching for a tax resolution firm, only consider ones who are part of the Tax Problem Resolution Services Coalition (TPRSC). Tax Resolution Services (www.taxresolution.com) is part of the (TPRSC) professional community Tax Problem Resolution Services Coalition and known for being the most credible firm providing incredible results.
By Michael Rozbruch | October 1, 2011
Last week the IRS announced a new program aimed at business owners that requires reclassification of independent contractors as employees. I discussed the IRS New voluntary Worker Classification Settlement Program, which is particularly relevant in the case of small business owners, in detail last week.
The IRS is dedicated to tougher regulation on misclassification as the number of independent contractors has increased significantly during the recession. With this voluntary program, employers can correct any misclassified employees or independent contractors and prevent a costly future audit or penalty.
Find out more about the program and the skepticism of business owners at The Wall Street Journal article, the Price of Reclassifying Workers, written by Sarah E. Needleman and Emily Maltby.
By Michael Rozbruch | September 15, 2011
Last week the IRS announced that taxpayer’s preparers affected by the recent Hurricane Irene disaster will receive a one week extension for today’s filing deadline. I recently wrote about this IRS tax relief news on my Tax Resolution University blog. Returns normally due by September 15 will be granted extension until September 22, 2011. This relief is available to taxpayers regardless of their location but does not apply to any tax payment deadlines.
By Michael Rozbruch | September 15, 2011
Last week on my Tax Resolution University blog I wrote about new tax relief available to victims of Hurricane Irene. Today, September 15, is a filing and estimated tax deadline, but because of the recent disaster, Hurricane Irene victims have been granted tax relief extensions for filing. Included in the tax relief are corporations and businesses with a September 15 deadline for 2010 returns and those with estimated tax payment due dates. The extension will be granted until October 31, 2011.
Check irs.gov to see tax relief announcements for your area to see if you qualify for the extension and check the website here for more information about tax relief in disaster areas and how to claim a disaster loss.
By Michael Rozbruch | August 31, 2011
In a press release written a few weeks back, Never Too Late to File a Tax Return, I felt the need to provide additional information to the IRS’s advisory list Ten Tips for Taxpayers Who Owe Back Taxes or Have Other Tax Debt newsletter (published a few weeks ago).
While the IRS objectives on this subject are simple; collect every cent of taxes owed as soon as possible, it appeared some important information was missing from the helpful tips in the newsletter. Such missing information included a taxpayer’s ability for immediate repayment and an introduction to other programs that might save taxpayers money such as Partial Pay Installment Agreements (PPIAs – regular payments over a set time), and Offers in Compromise (OIC).
If you have unresolved tax debt, it is important you seek advice from a certified tax resolution specialist who can discuss an IRS payment plan and help you take advantage of the IRS programs available to you. Know your options!
By Michael Rozbruch | August 23, 2011
As a tax attorney some of the best advice I can offer for staying out of IRS tax trouble is to stay educated on the current rules and regulations surrounding tax law. Below is a post I recently wrote for my Tax Resolution University blog on staying up on the rules for investment taxation before IRS problems occur.
An exchange-traded fund is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day (Wikipedia). ETF’s are becoming a more popular form of investing, but the structures of the funds can be taxed very differently from your normal run-of-the-mill mutual funds. Laura Saunders and Jason Zweig of the Wall Street Journal outline some very important answers to questions regarding your income investments in What to Ask Before Buying. Knowing the rules and staying savvy to investments can save you some serious tax relief when it comes time to file your tax returns. Here are few great tax tips and examples from the article to help you stay on your toes and away from IRS Tax Problems:
- Does this investment have tax quirks? There are many in the world of exchange-traded products. For example, investors in precious-metals ETFs organized as trusts (SPDR Gold Trust, iShares Silver Trust) often are surprised that long-term gains are taxed at 28% rather than 15%—because the metals are deemed “collectibles.”
- How will I know the ‘cost basis’ of my investment? When you sell an investment in a taxable account (as opposed to a tax-sheltered one like an individual retirement account), the taxable gain or loss is measured from the purchase price, known as the “cost basis.”Tracking basis is notoriously difficult for taxpayers, especially when there are adjustments common with ETFs such as reinvested dividends, which raise basis, or return of capital, which lowers it. If you make mistakes, you can end up wildly overpaying or underpaying tax.
- Might I have to make multistate tax filings? If you own a publicly traded partnership, you may have to file a tax return in one or more states where you don’t live if income generated in those states—say, from an oil well—is above a certain level. Even if the payout on one investment is below a state’s threshold, the total from two or three may put you over the limit.
- When will I find out about taxable income each year? Mutual funds must usually send out 1099 forms by Feb. 15, but ETF partnerships often get extensions until the following Sept. 15. Some report results to investors by March 15 and others send a letter or post a website notice before the April due date with estimates of income, but often there is no requirement to do so, according to an IRS spokesman.